05:08 PM EDT, 04/22/2024 (MT Newswires) -- Browning West, LP, a long-term shareholder of Gildan Activewear ( GIL ) owning about 5% of the company's outstanding shares, and Glenn Chamandy, Gildan's co-founder and former chief executive, after trade Monday issued statements regarding what they call Gildan's 'defensive maneuver" to add replacement directors to its board.

According to Browning West and Chamandy the board's leadership, including the chair and every committee chair, has "seemingly acknowledged their many failures by resigning en masse". They question why the board has "gone to such lengths" to allow Vince Tyra to remain CEO and urged shareholders to elect the full slate of director nominees put forward by Browning West, instead of two that Gildan has agreed to.

This all comes after Gildan earlier on Monday announced board changes in support of Tyra, who replaced Chamandy after the board fired him last year, and pushed ahead with plans that could result in the company selling itself.

Monday's announcement may be an attempt to appease shareholder groups, including Browning West, that wanted wholesale board changes at Gildan. The groups submitted their own slate of directors and were looking for former Chamandy to be reinstated in his prior role.

Gildan shares closed down C$0.59 to C$47.83 on the Toronto Stock Exchange.